The CAC40, which has gained an average of 1% since this morning, is trying to cling on to the 7,300pt mark.
Volumes are non-existent, which makes the advance insignificant, given how easy it is to manipulate prices, with less than 900MnsE exchanged in 7 hours (on Apple shares alone, it takes 10 minutes to pass the $1 billion mark).

The CAC is logically led by STMicro (+2.4%) after the SOX index jumped +2.8% on Monday evening.
The publication on Wednesday evening of the quarterly results of American chip designer Nvidia will reveal whether the market's infatuation with AI remains intact.
Wall Street reopened without direction, with -0.1% for the Dow Jones and +0.1% for the S&P500.
Trading volumes and variations are also likely to remain limited across the Atlantic this Tuesday, in the absence of major economic events and high-profile corporate results.

Traders, in a wait-and-see position, are looking for the next element likely to lift the indices, or on the contrary fuel the climate of caution of recent weeks.

With the Jackson Hole symposium starting on Thursday, investors are hoping for an improvement in general sentiment that would enable them to break with the phase of risk aversion that has recently shaken the markets.
In the USA, the trend continues to deteriorate on T-Bonds (+5pts to 4.35%) even though only 13% of investors believe in a rate hike in mid-September: the 'problem' (rate tension) is therefore the result of new causes, and this is not reassuring.
The money market expects US interest rates to remain above 5% for most of 2024, which supports the dollar (no prospect of recession, so no rate cuts to come)", explain the DeftHedge teams.

In Europe, OATs and Bunds stalled in extremis on their worst levels of the year (end-February) and a symbolic easing began, with -4.6pts on OATs at 3.20% and -3.6pts on Bunds at 2.67%.

The macroeconomic agenda looks relatively light today, with the publication of US housing sales before the opening of Wall Street, which will enable us to assess the health of the US housing market.

The greenback weakens slightly against the euro, which climbs back towards $1.0920/euro, as traders resign themselves to waiting for a signal from central bankers two days before the opening of Jackson Hole.

In other French company news, TotalEnergies reports that it has signed an agreement with CapeOmega Carbon Storage, to acquire its 40% stake in the ExL004 exploration permit for CO2 storage (Luna project), in the Norwegian North Sea.

Ubisoft announces a transaction granting it cloud streaming rights for Call of Duty and all other Activision Blizzard titles to be released over the next 15 years, once Microsoft's acquisition of Activision Blizzard has been finalized.

Finally, Orpea announces a drawdown of 200 million euros under the "new money" financing granted by its main banking partners, an amount which corresponds to the entirety of the D1B Loan and which follows an initial drawdown of the same amount on June 2 (D1A Loan).


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